- Adyton Resources (ADY) has provided an update on the exploration potential of its 100 per cent owned Fergusson Island projects
- Follow up drilling is currently being planned and expected to resume during 2021 to extend existing resources
- Exploration continues on new and extensional targets building on existing resources identified on Fergusson Island at the Gameta and Wapolu deposits
- Adyton Resources is up 5.88 per cent, trading at $0.09 at 10:24 am ET
Adyton Resources (ADY) has confirmed the exploration potential of its Fergusson Island projects.
The Vancouver-based company owns a 100-per-cent interest in the projects located within Papua New Guinea’s renowned Rim of Fire.
The company is continuing to explore both new and extensional targets to build on existing resource ounces identified on Fergusson Island at both Gameta and Wapolu.
Follow-up drilling is currently being planned and expected to resume during 2021 to extend existing resources.
“Whilst we await the resource update for the Gameta deposit which is due this month, management continues to assess the growth potential of the Fergusson Island project and has commenced designing the next phase of drilling to be undertaken. The potential to grow this asset into a multi-million ounce resource, given its starting position of circa 500koz is compelling in light of the recently completed drill programs,” said Adyton Resources Chairman, President and Chief Executive Officer Frank Terranova.
The Gameta and Wapolu deposits are located approximately 30 kilometres apart from each other.
At the Wapolu deposit, significant potential exists to extend the resource at depth and along strike to the west along strike of the detachment fault zone.
At Gameta deposit, significant potential exists for additional discoveries to be made to the southeast of the known Gameta deposit, extending beyond the limit of the current resources.
Adyton Resources is up 5.88 per cent, trading at $0.09 at 10:24 am ET.